Algonquin Power and Utilities Corp, parent company of Bermuda’s electricity provider, Belco, reported a sharp drop in net income for the second quarter of 2025.

The Ontario-based utility said net earnings fell to $17.4 million for the three months ended June 30, down 90 per cent from $180.1 million in the same period last year. Adjusted net earnings declined 13 per cent to $36.2 million, or $0.04 per share, from $41.5 million, or $0.06 per share, a year ago.

Algonquin said its corporate results were impacted by the sale of its stake in Atlantica Sustainable Infrastructure, which removed a source of dividend income but helped reduce debt.

The company’s Regulated Services Group, which includes Belco as well as gas, water and wastewater systems in the US, Canada and Chile, saw net earnings dip just 2 per cent to $47.1 million, partly owing to the absence of one-time Belco revenues of $3.9 million recorded in 2024.

Rod West, chief executive, said the results “reflect continued execution” and that the company remains “on track to meet our previously-disclosed financial outlook for 2025”.

He added: “As we sharpen our focus on customer service, operational excellence and execution, we expect these foundational efforts will continue to lay the groundwork for stronger performance.”

The company reaffirmed its full-year adjusted earnings guidance of $0.30 to $0.32 per share.